So you’ve decided to buy a home, but you need to close—FAST.  Good news!  Prosperity Home Mortgage, LLC (Prosperity) now offers the new Prosperity EXPRESS program for eligible home buyers to close on a home more quickly.  Prosperity EXPRESS is a program that offers expedited loan processing and underwriting on certain mortgage products, which can provide a faster loan closing.¹  When you need mortgage financing solutions for a fast-paced real estate market, Prosperity EXPRESS can help!

Here are some advantages of the program:

Faster Financing Process – Qualified home buyers may receive a full commitment letter within 7 business days after a purchase contract has been ratified.²

More Competitive Purchase Offer – For qualified buyers, an accelerated home financing process may help a purchase offer look more attractive to sellers in a multi-offer situation.

Faster Closing – A quicker home financing process can help expedite the home’s closing date.

Variety of Home Loan Options – Prosperity EXPRESS may be used in conjunction with conventional and government home financing products.¹

“As a mortgage company, we’re committed to finding new ways to make the home financing process more efficient,” said Ron Wivagg, National Sales Support Manager at Prosperity.  “The impact of Prosperity EXPRESS is significant.  The program allows for an expedited closing date to help buyers win multi-contract scenarios, and it also helps reduce the stress of the home buying process so our clients can focus on other matters related to buying a home, such as planning their move and setting up services at their new home.”

The Prosperity EXPRESS program offers a 7 day loan commitment, which includes the property appraisal. It shortens the loan process and helps reduce stress by minimizing last minute conditions.  The program is offered to qualified conventional, FHA and VA loan borrowers who are W-2 wage earners (no self-employed customers), but buyers should be prepared to provide certain documentation upfront. At their loan application, borrowers who are eligible for the program and wish to participate should be prepared to submit:

• 30 days paystubs,
• 2 years W-2s (or tax returns for commission-based income),
• 2 months banks statements and
• signed disclosures.

To learn more Prosperity EXPRESS, contact your local mortgage consultant.

1. FHA Credit Advantage loans and loans requiring manual underwriting do not qualify for Prosperity EXPRESS. Self-employed borrowers do not qualify for Prosperity EXPRESS.

2. Prosperity EXPRESS is not a loan approval. A Commitment Letter is based on information and documentation provided by you and a review of a borrower’s  credit report. The interest rate and type of mortgage used to approve a borrower for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until the borrower’s offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, the borrower may need to re-qualify. Information provided by the borrower is subject to review and validation, and all other loan conditions must be met. After the borrower has chosen a home and the purchase offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment.  Additional documentation may be required.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.

Between down payments and closing costs, buying a home is a big financial commitment that may seem out of reach for those who ultimately choose to rent instead. However, in today’s market environment of rising rents, the difference in cost between renting and owning is actually narrowing, making this a favorable time to buy a home in most U.S. cities.

According to a recent national index from Florida Atlantic University and Florida International University faculty, the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, 15 of the 23 cities covered are solidly in buy territory, while another five are only marginally in rent territory.

Want to know if buying is a better than renting for you? Ask yourself the following questions:

How stable is my employment situation? Lenders will take the length of time you’ve spent at your current job into consideration, so if you’ve jumped around a lot or just started a new position, that may work against you.

Are you ready to settle down for awhile? Buying a home is an excellent long-term investment, not usually a quick flip. So if you’re still testing out different cities or interested in seeing the world, renting may be a better option.

What shape is your credit in? Your credit score weighs heavily in securing a favorable mortgage loan. If yours is not in the best shape, it may be better to rent while you work at building a better credit profile.

What’s your true financial picture? While your salary may seem more than sufficient to make your projected mortgage payments, keep in mind that homeownership involves many different costs, from property taxes to repairs. So run the numbers carefully before deciding to buy.

The best way to decide whether to rent or buy is to consult a real estate professional in your area. If you’d like more information about home financing, please contact a mortgage consultant near you.

Reprinted with permission from RISMedia. ©2017. All rights reserved.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.

31 Prosperity Home Mortgage Consultants Recognized as Top in the U.S. by Mortgage Executive Magazine

We are proud and excited to share that Prosperity Home Mortgage, LLC, (Prosperity) has been recognized for its exceptional mortgage originators by Mortgage Executive Magazine. The industry publication honored both The Nation’s Top 200 Mortgage Originators, as well as The Nation’s Top 1% of Mortgage Originators, in its winter 2017 edition, and 31 members of the Prosperity team were named to these exclusive lists.

“It’s quite an honor to see that so many of our mortgage originators were recognized as some of the top in the country by Mortgage Executive Magazine,” said Tim Wilson, CEO of Prosperity. “I’m proud of not only their hard work and achievements, but that of our entire sales organization. We’re committed to providing personalized and focused service to every client at Prosperity, and it’s because of that ongoing commitment that we remain among the top lenders in the nation.”

Three of Prosperity’s mortgage consultants ranked among the top 200 mortgage originators nationwide by annual mortgage volume. Jody Eichenblatt, a senior mortgage consultant based in Alexandria, Virginia, was ranked No. 85 on the list. He closed 269 loans for a total volume of $124,809,152 in 2016. Tom O’Keefe, branch manager of Prosperity’s Bethesda, Maryland, office, was ranked No. 107 with 237 closed loans in 2016 and a total volume of $114,780,903. Jonathan Okun, a senior mortgage consultant also based in Bethesda, Maryland, earned the No. 192 spot on the 2016 list with 190 closed loans and total volume of $91,418,935.

Additionally, 28 mortgage consultants with Prosperity were named to Mortgage Executive Magazine’s list of The Nation’s Top 1% of Mortgage Originators. To be eligible for the list, a loan originator had to personally produce at least $30 million in 2016. According to NMLS Mortgage Industry Report, there were more than 422,500 federally registered mortgage loan originators as of Dec. 31, 2016. Below are the Prosperity members who were recognized:

• Derek Alverson, Richmond, Virginia
• Kimberly Andres, Richmond, Virginia
• Glenn Benson, North Bethesda, Maryland
• Carleton Chambers, Ashburn, Virginia
• Albert Colacello, Levittown, Pennsylvania
• Lynlea Cronin, Clarksville, Maryland
• Jonathan Ryan Dailey, Bethesda, Maryland
• Christopher Fox, Havertown, Pennsylvania
• Michael Graff, Devon, Pennsylvania
• Jonathan Haug, Virginia Beach, Virginia
• Michael Joseph, Potomac, Maryland
• Bradley Katzen, Washington, D.C.
• Janice Lanning, Fredericksburg, Virginia
• Bryan Lovern, Washington, D.C.
• Alex Luboff, Folsom, Pennsylvania
• Michael Mento, Avalon, New Jersey
• Denee Mueller, Cary, North Carolina
• Alicia O’Brien, Richmond, Virginia
• Anthony Pellegrino, Cary, North Carolina
• Nicholas Rocco, Columbia, Maryland
• David Rossiello, Annapolis, Maryland
• Terrence Schenck, Fairfax, Virginia
• Greg Scholl, Washington, D.C.
• Michael Storti, Collegeville, Pennsylvania
• RexAnn Strecker, Mount Pleasant, South Carolina
• Kathryn Welsh, McLean, Virginia
• Scott Wimmer, Blacksburg, Virginia
• William Woodfin III, Midlothian, Virginia

Congratulations to each of our mortgage consultants on their success!

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mo­­­rtgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.

The Real Deal on Rising Rates: What It Means for Your Home-Buying Plans

By Maria Patterson

You’ve taken all the necessary steps to get ready to buy a home. You’ve saved for a down payment, improved your credit score, got all your financial documentation in line, and figured out what price range you can afford. And then the interest rates went up. Is your dream of homeownership now unachievable?

According to recent data from realtor.com®, the share of first-time buyers planning to buy a home this spring fell sharply when mortgage rates began to rise toward the end of 2016. According to realtor.com®’s January survey of active homebuyers, 44 percent of buyers planning to buy in spring 2017 are first-time buyers. This has dropped significantly since the survey was conducted in October, when 55 percent of buyers planning a spring purchase indicated they were looking for their first home.

However, with inventory shortages and rising home prices, the urgency to buy now has never been greater. So before you shelve your plans for buying a home this spring, know the facts about rising rates and home prices.

The average 30-year conforming rate rose to more than 4.2 percent by the end of December 2016 from 3.4 percent at the end of September 2016. With average rates today about half a percentage point higher than they were in 2016, a median-priced home financed with 20 percent down would cost an additional $720 per year in added interest. That equals more than 1 percent of the median household’s income.

With affordability being a top concern for first-time buyers, a rising interest rate can be enough to scare you off. Kiplinger's expects the 30-year mortgage rate to reach 4.6 percent by year’s end, with the 15-year rate at 3.8 percent. Add to that the continued increase in home prices due to low inventories in many parts of the country and you can see that holding off on a home purchase will probably only cost you more down the line.

Take a cue from repeat homebuyers who are actually being spurred into action by rising rates. Even with the current increases, interest rates remain historically low, and the movement in rates hasn’t yet tipped overall buyer demand down. Experienced buyers, in fact, are trying to close before rates increase further, as evidenced by increased realtor.com® listing views and decreased inventory. In the short term, the rate movement seems to have encouraged, rather than dampened, overall demand.

While concerns about affordability are valid, waiting may not help your long-term financial picture. Instead, consider looking for a home in a slightly lower price range, finding a way to increase your down payment, or looking in a neighborhood that may be more affordable. The good news? In today’s competitive market, your home will most likely increase in value and prove to be one of the smartest investments you could’ve made.

For more information about how rising interest rates will impact your home purchase, contact us today.

Reprinted with permission from RISMedia. ©2017. All rights reserved.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)  ©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.

Mortgage 101: The Difference Between Pre-Qualification and Preliminary Approval

By Tim Wilson, Chief Executive Officer, President, Prosperity Home Mortgage.

Depending on your market, multiple home offers are becoming more common. That’s why it’s important for you to be armed with all of the necessary tools before you find your dream home. Getting a letter from your mortgage lender before you start looking for your home is a great way to get an advantage over others in the bidding process. But with lenders offering both pre-qualification and pre-approvals, it can be tough to figure out exactly what you need. Understanding the difference between the two can be crucial to getting the home you want.

What is a lender pre-qualification?

This is the first step to getting a mortgage. In this process, the lender will ask you a few questions about your overall financial picture, including your debt, income and assets. After evaluating the information, the lender will provide an estimated mortgage amount based on the unverified information provided. This will give you an idea of how much home you can afford as you start your hunt. It’s important to realize that since this is based on unverified information and does not include a credit report, it does not carry the same weight as a mortgage preliminary approval.

What is a lender preliminary approval?

The next and more detailed step in the mortgage process is generally a preliminary approval. In this step, you’ll complete a mortgage application and provide the lender with all of the necessary documentation to evaluate your current financial picture. The lender will also check your credit rating. A preliminary approval estimates how much you may be able to borrow based on your verified income, assets and credit report scores. Having a preliminary approval letter makes you more competitive against other bidders but also increases the chance that the lender who offered the preliminary approval will provide your financing.

Are there other options?

Yes, depending on your lender, there may be a variety of additional options. With Prosperity Home Mortgage’s Prosperity Buyer Advantage Program, for example, you can complete much of the financing process (and qualified borrowers may receive a commitment letter) before you even begin searching for a home. Having that commitment letter along with your purchase offer can help further strengthen your position.

The bottom line is that when it comes to buying your dream home, having as much ready upfront as possible is key to putting in a successful purchase offer. Doing your research and securing a preliminary approval is the best way to make sure that your offer is accepted when the time comes, and you get to move into the perfect home for you.

A preliminary approval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preliminary approvals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preliminary approvals are not available on all products. See a mortgage consultant for details.

Prosperity Buyer Advantage is not a final loan approval. A Commitment Letter is based on information and documentation provided by you and a review of your credit report. The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until your offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met. After you have chosen a home and your offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment. Additional documentation may be required.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.